Mirae Asset Group is reviewing an acquisition of Korbit, Korea's No. 4 digital asset exchange. If the acquisition goes through, attention is on whether the landscape of Korea's virtual asset exchange market, long dominated by Upbit and Bithumb, could change.
According to the cryptocurrency industry on the 28th, Mirae Asset Group is in talks on a plan to acquire the equity held by NXC (60.5%), Korbit's largest shareholder, and SK Planet (31.5%), the second-largest shareholder. The industry estimates the transaction size at about 100 billion to 140 billion won.
Mirae Asset Consulting, a nonfinancial affiliate of Mirae Asset Group, is being mentioned as the acquiring entity. Mirae Asset Consulting is a company in which special related parties, including Chair Park Hyun-joo (48.49%) and spouse Kim Mi-kyung (10.15%), hold most of the equity, and it sits at the core of the group's governance structure. Park recently said at an official event, "It is time to prepare once again for digital-based financial innovation," adding, "We are envisioning a business that connects traditional assets and digital assets."
At present, Korea's virtual asset exchange market is effectively led by Upbit (Dunamu) and Bithumb. Although NXC and SK Planet participated as major shareholders in Korbit, its presence in the market has been limited. Accordingly, attention is on whether Mirae Asset, which has strengths in finance and asset management, can pursue a differentiated strategy if it acquires Korbit.
Some also say that acquiring Korbit could become a new growth engine for Mirae Asset. The virtual asset trading market is expanding, and there is talk of possible inclusion in the formal regulatory system. Overseas, large asset managers such as BlackRock, exchanges like Coinbase, and traditional financial companies such as Visa and Mastercard are competing to preempt the digital asset ecosystem.
However, regulatory risk is cited as a variable. In Korea, under the "financial–virtual asset separation" principle introduced in 2017, financial companies are restricted from engaging in virtual asset businesses. The acquiring side says there is no regulatory violation because Mirae Asset Consulting is a nonfinancial company that does not directly conduct financial business. On the other hand, since Mirae Asset Consulting effectively serves as the group's de facto holding company—holding 36.92% equity in Mirae Asset Global Investments—there are many interpretations that it should be viewed as a financial company.
If acquisition talks move into full swing, not only whether the transaction is concluded but also the judgment of regulators is expected to emerge as a key variable.